Principal Financial Group (NYSE:PFG) Hits New 1-Year High – Still a Buy?

Principal Financial Group, Inc. (NYSE:PFG) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $96.38 and last traded at $96.00, with a volume of 1330154 shares changing hands. The stock had previously closed at $94.72.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PFG. Keefe, Bruyette & Woods lifted their price objective on Principal Financial Group from $90.00 to $91.00 and gave the company a “market perform” rating in a research note on Thursday, October 30th. Morgan Stanley set a $93.00 target price on Principal Financial Group in a research report on Monday, December 15th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $103.00 price target on shares of Principal Financial Group in a research note on Monday, January 5th. Barclays reissued an “underweight” rating and issued a $85.00 price objective on shares of Principal Financial Group in a research note on Thursday, January 8th. Finally, Evercore ISI lifted their price objective on shares of Principal Financial Group from $92.00 to $94.00 and gave the company an “in-line” rating in a report on Thursday, October 9th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $92.88.

Principal Financial Group Stock Up 1.4%

The firm has a market cap of $21.39 billion, a PE ratio of 14.37, a PEG ratio of 0.76 and a beta of 0.89. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36. The firm has a 50 day moving average price of $89.48 and a 200-day moving average price of $83.82.

Insider Buying and Selling at Principal Financial Group

In other Principal Financial Group news, EVP Wee Yee Cheong sold 1,887 shares of the firm’s stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $85.04, for a total value of $160,470.48. Following the sale, the executive vice president directly owned 81,421 shares in the company, valued at $6,924,041.84. This trade represents a 2.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Deanna D. Strable-Soethout sold 9,300 shares of Principal Financial Group stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $95.12, for a total value of $884,616.00. Following the sale, the chief executive officer directly owned 144,168 shares of the company’s stock, valued at $13,713,260.16. This trade represents a 6.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 26,852 shares of company stock worth $2,512,930 in the last three months. 1.08% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Principal Financial Group

Several hedge funds have recently added to or reduced their stakes in PFG. Traub Capital Management LLC acquired a new position in shares of Principal Financial Group in the 2nd quarter valued at $26,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Principal Financial Group in the fourth quarter valued at $26,000. Capital A Wealth Management LLC boosted its stake in Principal Financial Group by 5,533.3% in the second quarter. Capital A Wealth Management LLC now owns 338 shares of the company’s stock valued at $27,000 after acquiring an additional 332 shares in the last quarter. Curio Wealth LLC grew its holdings in shares of Principal Financial Group by 37,800.0% during the second quarter. Curio Wealth LLC now owns 379 shares of the company’s stock worth $30,000 after purchasing an additional 378 shares during the last quarter. Finally, Quest 10 Wealth Builders Inc. grew its holdings in shares of Principal Financial Group by 343.6% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 346 shares of the company’s stock worth $30,000 after purchasing an additional 268 shares during the last quarter. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

About Principal Financial Group

Principal Financial Group, commonly known as Principal, is a global financial services company headquartered in Des Moines, Iowa. The firm provides a broad range of retirement, investment management and insurance solutions for individual, employer and institutional clients. Its core businesses include retirement plan services and recordkeeping, asset management, and life and disability insurance, supported by distribution through employers, financial advisors and direct channels.

On the retirement side, Principal offers 401(k) and other workplace retirement plans, individual retirement accounts and annuity products designed to help clients accumulate and manage retirement savings.